• The outbreak of World War I delays the implementation of new home rule legislation, which would have restored the Dublin parliament.

  • The Anglo-Irish treaty creates the Irish Free State, which is an independent dominion of the British crown with full internal self-government rights. 

  • Voters approve a new constitution, which abolishes the Irish free state and proclaims Eire (Gaelic for Ireland) a sovereign, independent, and democratic state.

  • Eire remains neutral upon the outbreak of World War II, however, many Irish citizens join the Allied forces.

  • Eire leaves the British Commonwealth and becomes the Republic of Ireland.

  • Ireland launches a successful campaign of economic modernization, which mainly revolves around abandoning protectionism and encouraging foreign trade investment. Ireland moves away from its traditionally agricultural-based economy.

  • Ireland signs the Anglo-Irish Free Trade Area Agreement of 1965 with the United Kingdom, which effectively removes many of the remaining tariff and trade barriers between Ireland and the United Kingdom.

  • Ireland joins the European Economic Community.
  • Ireland faces severe economic problems stemming from increasing unemployment and foreign borrowing.

  • The Euro replaces the Punt as the national currency.
  • In the midst of the global financial crisis, the Irish government guarantees the debts of the country's banks. This move ultimately backfires and damages the economy, as Ireland does not have sufficient reserves to cover the aforementioned debts.

  • The Irish government drafts austerity measures in exchange for an 85bn euro rescue package with the EU and IMF after the cost of bailing out Ireland;s banking system drives the budget deficit up to one third of the national GDP.

  • Moody's rating agency downgrades Ireland's debt rating to junk status.

  • The European Central Bank approves a deal to liquidate the former Anglo Irish Bank, which was nationalized in 2009.

  • Ireland becomes the first bailed out eurozone country to exit the bailout program after fulfilling the necessary conditions. 

Sources:

BBC News open_in_new
Britannica open_in_new